Ireland to exit bailout without the support of a precautionary credit line

FXstreet.com (Barcelona) - European officials, gathered in Bussels for the Eurogroup summit, congratulated Ireland on its decision to exit from the bailout program on 15 December, following Irish PM Edna Kenny's announcement that the country would manage without requesting a precauctionary credit line.

He justified the decision by saying that the international lenders' targets have been met, the market and sovereign conditions are favorable, the public finances are under control and that the domestic and international economic conditions are improving, which allows for exiting the EU/IMF programme “as planned and without a pre-arranged precautionary credit facility.”

European commissioner Olli Rehn congratulated Ireland on the successful termination of the bailout program saying that “today is a good day for Ireland and the Irish people. It provides clear evidence that determined implementation of a comprehensive reform agenda can decisively turn around a country's economic fortunes and put it back on a path of sustainable growth and rising employment.”

Also ECB head Mario Draghi expressed his satisfaction with Ireland´s decision.